SOURCE: IO Circuit

October 18, 2006 06:30 ET

(OTC PK: CSBF) Announces Letter of Intent With International Bio Fuels Corporation for Equity Investment

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO Circuit.

LAKE HARMONY, PA--(Marketwire - October 18, 2006) - Consolidated Biofuels, Inc. (PINKSHEETS: CSBF), an alternative fuels company, announced, through its CEO, Daniel Honeycutt, that: "We have recently executed a Letter of Intent with International Bio Fuels Corporation, a private company headquartered in Vancouver, Washington, that will, when formalized, provide a substantial equity investment by International into Consolidated."

Mr. Honeycutt further stated that: "I am very pleased, for the Company and for its shareholders, that, after many weeks of concentrated review, International has made a positive decision to make this very significant, albeit preliminary, commitment of equity investment into Consolidated."

International's President, Mr. Marty Johnson, stated, "We have looked at almost every public company in the biodiesel industry and believe that Consolidated's business strategy, particularly its feedstock sourcing, technology and international focus, line up very well with our own. I think Daniel is correct when he says that, 'Consolidated is at the right place, at the right time, and with the right team.'"

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